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GST (Goods and Service Tax): An Introduction

CS Bhagwati Charan
20/11/2017 0 0

Understanding Basics of GST(Goods and Service Tax):

 

Single Tax rate for a product or service in any part of country. The following 17 different indirect taxes will be subsumed under GST:

Central Tax.

State Tax.

Central Excise Duty.

State VAT / CST.

Duties of Excise (Medicinal and Toilet Preparation).

Purchase Tax.

Additional Duties of Excise
(Goods of Special Importance).

Luxury Tax.

Additional Duties of Excise
(Textile and Textiles products).

Entry Tax.

Additional Duties of Custom.

Entertainment Tax
(Except those levied by the local bodies).

Commonly known as VD.

Taxes on Advertisement.

Special additional Duty of Custom (SAD).

Taxes on lotteries, betting and gambling.

Service Tax.

State chess and surcharges in so far as the
as they relate to supply of goods or services.

Cass and surcharge in so far as the relate to supply of goods or services.

 

 

  • Better compliance of trade and industry sector.
  • Seamless flow of credit across the value chain.
  • Removal of cascading effect.
  • Dual GST (Central GST & State GST) and Integrated GST (IGST).
  • Taxable event: Supply.
  • Tax rate 0%, 5%,12%, 18% and 28%.
  • Threshold exemption Limit: Rs. 20 Lakhs & Rs 10 Lakhs (for special category states & North Eastern States).
  • Composition scheme threshold Rs. 75/50 Lakhs.
  • Pan Based Registration.
  • Tax can be deposited by Internet Banking NEFT/RTGS, debit Card, Credit Card & Over the Counter (OTC).
  • Goods & Service tax network (GSTN) the technology backbone of GST. It provides Information Technology infrastructure and services to Central Government and State Government, Tax payers and other state holders for implementation of GST.
  • GST suvidha provider (GSP) is and online complain platform which will enable the tax payer to comply with the provision of GST Law through its web.
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